Foot Locker (FL) PT Lowered to $24 at Needham

Needham analyst Tom Nikic lowered the price target on Foot Locker (NYSE: FL) to $24.00 (from $25.00) while maintaining a Buy rating.

The analyst comments "We continue to believe that FL is a compelling turnaround story, but given the ongoing promotional activity in the marketplace, as evidenced by negative preannouncements from JD Sports and Puma, we believe the pace of the turnaround will be slower than we previously thought. That said, not all data points recently have been negative (Adidas positively preannounced and ONON was bullish at ICR), so there are pockets of strength in the industry, and we do believe that FL is positioned to benefit from these pockets of strength. And we do believe that FL will see solid sales, margin, and EPS improvement the next few years - though the slope of the recovery likely won't be as steep. As a result, we're lowering our FY24-26 EPS forecasts to $1.22/$1.62/$2.22 (from $1.25/$1.95/$2.47) and our price target to $24 (from $25)."

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